sebi:WTM/PS/04/CFD/APR/2016
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Facts / Headnote
Interim order dated June 04, 2013 confirmed against the company, its directors, promoters and promoter group
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Sirhind Steel Limited
- Directors of Sirhind Steel Limited
- Promoters and promoter group of Sirhind Steel Limited
Holding
The interim order dated June 04, 2013 issued against Sirhind Steel Limited, its directors, promoters and promoter group for failure to maintain the minimum public shareholding of 25% is confirmed, as the Company has not complied with MPS requirements till date.
Full text
Page 2 of 5 August 07, 2015 informed his inability to appear in the said hearing as he could not travel due to health issues.
Page 3 of 5 6. The Company was afforded an opportunity of personal hearing on December 10, 2015 when Mr. Ravi Malhotra, Director and Mr. M. L. Sharma, Chartered Accountant appeared and made oral submissions. Liberty was granted to make written submissions within a period of one week.
Page 4 of 5 with the MPS norms before the due date. Therefore, there is no document to be furnished to the Company. 9. The interim order was issued against the Company as it failed to maintain the minimum public shareholding of 25% as mandated under rule 19A of the SCRR and Clause 40A of the Listing Agreement read with section 21 of the Securities Contract (Regulation) Act, 1956 ("SCRA"). It is an admitted position that the promoters of the Company hold 89.98%. I have perused the shareholding pattern of the Company as available in the website of the BSE and note that the public shareholders hold only 10.02%. From the above, it can be concluded that the public shareholding in the Company is less than the mandated minimum of 25% in a listed company. The Company is therefore in violation of the MPS requirements.
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Source: SecMarx — sebi:WTM/PS/04/CFD/APR/2016. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.